IDGC North-West sees IFRS net profit plummet 84% in 9M
ST. PETERSBURG. Nov 29 (Interfax) - OJSC IDGC North-West saw its net profit to International Financial Reporting Standards (IFRS) plummet nearly 84% year-on-year to 136.956 million rubles in January-September 2012, the company reported in its financial statement.
According to its consolidated unaudited financial statement, revenue edged down 3.3% to 23.717 billion rubles in those nine months.
Credit obligations increased 21% to 7.539 billion rubles as of September 30, which was due to an increase the proportion of credits for financing investment activities. EBITDA (earnings before interest, taxes, depreciation, and amortization) amounted to 3.035 billion rubles for the nine months.
The company's financials were influenced by a decrease in tariffs for electric power transmission services, the creation of reserves for problem debts and estimated obligations in interim reporting, the company said.
This was the first time the grid operator had published a nine-month report to IFRS.
Consolidated IDGC North-West financial reporting to IFRS includes reportage for the company itself, and for its subsidiaries - OJSC Pskovenergoagent, OJSC Pskovenerogsbyt, OJSC Lesnaya Skazka, and OJSC Energoservis of North-West.
IDGC North-West serves the territories of seven regions in Russia's North-West Federal District that together cover 1.586 million square kilometers and where 6.69 million people reside. The company's overhead and cable power lines run for 169,300 km. It has 1,141 substations and the rated capacity of its power transformers is 17,500 megavolt amperes.
The company has seven branches: Arkhenergo, Vologdaenergo, Karelenergo, Kolenergo, Komienergo, Novgorodenergo, and Pskovenergo.
